- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can I withdraw from my IRA after I have closed on a house and not get the extra 10% penalty?


Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can I withdraw from my IRA after I have closed on a house and not get the extra 10% penalty?
It's too late. You cannot avoid the 10% penalty after you have closed on the house. You do not have 120 days before or after the closing. You have to use the money to buy the house within 120 days after (but not before) you receive the distribution from the IRA. Since you have already paid for the house, there is no way that you can meet that requirement.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can I withdraw from my IRA after I have closed on a house and not get the extra 10% penalty?
It's too late. You cannot avoid the 10% penalty after you have closed on the house. You do not have 120 days before or after the closing. You have to use the money to buy the house within 120 days after (but not before) you receive the distribution from the IRA. Since you have already paid for the house, there is no way that you can meet that requirement.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can I withdraw from my IRA after I have closed on a house and not get the extra 10% penalty?
What about withdrawing after I have signed the purchase contract but before the closing date? Will that still qualify?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can I withdraw from my IRA after I have closed on a house and not get the extra 10% penalty?
What about withdrawing after I have signed the purchase contract but before the closing date? Will that still qualify?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can I withdraw from my IRA after I have closed on a house and not get the extra 10% penalty?
This is a forum not a live chat room ... you must wait for someone to answer your post.
The rule is 120 days before the closing ... not the contract date.
Still have questions?
Make a post